LIC’s Endowment Life Insurance Policy Table Plan No 14 :-
Premium Ceasing Age : 75 Premium Ceasing Term : 0
- Features Moderate Premiums
- High bonus
- High Liquidity
- Savings Oriented.
LIC’s Endowment Life Insurance policy not only makes provisions for the family of the life assured in the event of his early death but also assures a lump sum at a desired age. The lump sum can be reinvested to provide an annuity during the remainder of his life or in any other way considered suitable at that time. Premiums are payable for the selected term of years or until death if it occurs during the term period.
In case the individual becomes totally and permanently disabled due to an accident before
attaining age 70 when the policy is in force, he will not have to pay further premiums, (the
Disability Benefit is available in respect of the first Rs.20,000 sum assured on any one life) and your policy will continue to be in force.
By paying a small extra premium of Rs.1 per Rs.1000/- sum assured per year the individual or
his family is entitled to the following benefits on death or permanent disability caused by
accident. Students above 18 yeas of age can also avail of this benefit.
If the policyholder is unable to continue payment of premium at any time, after haivng paid at
least three years’ premiums he will not lose the money he has already contributed and the
policy is converted automatically into a paid-up one of a reduced sum assured, provided the
reduced sum assured exclusive of any allotted bonuses is not less than Rs.250/- under a policy for an original sum assured of Rs.1000/- or over. The sum assured under the paid up policy is payable on the expiry of the endowment term or on earlier death.
Is there anything extra payable besides the sum assured at the time of claim settlement? Yes, but only if it is a ‘with profits’ policy. Every year the Life Insurance Corporation distributes its profits among policyholders having ‘with profits’ polices in the form of bonuses. Substantial bonuses have been declared in the past after each valuation of policy liabilities.
Payment of full Sum Assured plus bonus plus final additional bonus.
Payment of full Sum Assured plus accrued bonus.
Being an endowment assurance policy, this plan is apt for people of all ages and social groups who wish to protect their families from a financial setback that may occur owing to their demise. The amount assured if not paid by reason of his death earlier will payable at the end of the endowment term where it can be invested in an annuity provision for the rest of the policyholder’s life or in any other way he may think most suitable at that time.
Contact us for free quotes on LIC’s New Endowment Life Insurance Policy. Our LIC of India’s Authorised Agent/ Insurance Advisor will Contact you within 24 hrs. Compare your Premium Rates with others online. See the Reviews, Plan Presentations, Charts Premium Rates, various options & combinations in LIC Endowment Plans Insurance Policy.
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